Media tycoon, Raghav Bahl has entered into a joint venture with Bloomberg LP, to launch a new news channel in India and a website to accompany it.
As a part of the deal, Bahl will have 74% stake in the company, while Bloomberg LP will hold the remaining 26%. LiveMint reports that Raghav Bahl and Michael Bloomberg, will together invest Rs.100 crore in the venture. The agreement is for a 10-year period.
A source told LiveMint, ���The term sheets have been signed; the final deal will be closed later this week. The initial investment of Rs.100 crore should be enough for a successful launch but in case more capital is required we will do the needful.�
An announcement on the new channel is expected later this month, which is expected to adopt the Bloomberg brand and Bahl’s company name Quintillion Media Pvt. Ltd.
This will be Bahl’s first broadcast venture since leaving Reliance Industries in May 2014.